Overview Key strengths Key risks Strong domestic position with about 30% refining market share in Thailand. Cyclical, commoditized, and capital-intensive industry with high energy transition risk. Integration with parent supports operating efficiency, feedstock supply, and output offtake. Residual execution risk with respect to the commissioning and ramp-up of the clean fuel project, albeit diminishing as it approaches completion. Refinery flagship status within the group ensures parent support. Earnings mainly from a single-site facility. As of March 31, 2024, construction of the CFP was 96% completed. We estimate remaining capital costs of US$740 million on the US$5 billion project to be incurred for the rest of 2024 and 2025. We believe the remaining costs on the CFP through 2025 can be
